Saudi Pro League club Al Hilal have been sold by the country’s Public Investment Fund (PIF).
PIF, the Saudi Arabian sovereign wealth fund, has sold a 70 per cent stake in Al Hilal to Kingdom Holding Company, the firm run by Prince Alwaleed Bin Talal, the billionaire businessman and member of the Saudi royal family. The deal values Al Hilal at SAR1.4billion (£276million; $373m).
Al Hilal, currently second in the Saudi Pro League, are one of Saudi Arabia’s biggest clubs, having won 19 league titles, including six since 2017, and are one of its biggest spenders.
They signed Karim Benzema, the 2022 Ballon d’Or winner, from fellow Saudi side Al Ittihad in the recent January transfer window, adding to a squad that already included former Liverpool striker Darwin Nunez, Portugal midfielder Ruben Neves and Senegal defender Kalidou Koulibaly. They are managed by the former Inter head coach Simone Inzaghi.
In March, The Athletic reported that the club wanted to make Richard Hughes its new sporting director. Hughes occupies that position at Liverpool.
Al Hilal were one of four Saudi Pro League clubs owned by PIF, which became their majority shareholder in 2023. The others are Al Nassr, Al Ahli and Al Ittihad.
The future of PIF’s sports portfolio has come under scrutiny since it emerged the fund was potentially pulling its funding for LIV Golf, the rebel league founded in 2022 and which has accrued billions of dollars in losses.
On Wednesday, Saudi Arabia’s crown prince and PIF chairman, Mohammed bin Salman, approved a five-year strategic plan that was primarily focused on domestic objectives.
In a press release issued on Thursday, Yazeed A. Al-Humied, deputy governor and head of Middle East and North Africa investments at PIF, said: “PIF has proudly helped drive the efforts to transform Saudi Arabia’s sports sector and increase its value proposition for investors while creating lasting results at every level, from players and fans to local communities.
“PIF has set ambitious goals for the clubs, enabling them to become successful commercially and professionally and achieve long-term financial sustainability. Today’s announcement aligns with PIF’s strategy to maximize returns and redeploy capital within the domestic economy.”
In the same press release, Bin Talal said: “Al-Hilal is a national symbol and a source of pride for the Saudi people. This acquisition expresses our deep belief in the power of sports as a unifying force and a catalyst for national development. By applying our global investment standards and cultivating strategic partnerships, we will unlock Al-Hilal’s full potential while preserving its history and identity.”
